II 

118TH CONGRESS 

2D SESSION S. 5242 

To amend the Right to Financial Privacy Act of 1978 to preserve the 

confidentiality of certain records, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 25, 2024 

Mr. LEE (for himself and Mr. SCOTT of Florida) introduced the following bill; 

which was read twice and referred to the Committee on Homeland Security and Governmental Affairs 

A BILL 

To amend the Right to Financial Privacy Act of 1978 to 

preserve the confidentiality of certain records, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Saving Privacy Act’’. 

6 (b) TABLE OF CONTENTS.—The table of contents for 

7 this Act is as follows: 

Sec. 1. Short title; table of contents. 

TITLE I—BANK PRIVACY REFORM 

Sec. 101. Bank Secrecy Act reforms. 


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TITLE II—AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY 

ACT OF 1978 

Sec. 201. Warrant requirements and exceptions. 

TITLE III—CONSOLIDATED AUDIT TRAIL 

Sec. 301. Requirements and prohibitions regarding the Consolidated Audit 

Trail. 

TITLE IV—NO CENTRAL BANK DIGITAL CURRENCY 

Sec. 401. Central bank digital currency. 

TITLE V—REGULATIONS FROM THE EXECUTIVE IN NEED OF 

SCRUTINY 

Sec. 501. Purpose. 

Sec. 502. Congressional review of certain agency rulemaking. 

Sec. 503. Budgetary effects of rules subject to section 802 of title 5, United 

States Code. 

Sec. 504. Government Accountability Office study of rules. 

TITLE VI—SUSPICIOUS ACTIVITY 

Sec. 601. Criminal penalties. 

Sec. 602. Civil penalties. 

Sec. 603. Other relief. 

1 TITLE I—BANK PRIVACY 

2 REFORM 

3 SEC. 101. BANK SECRECY ACT REFORMS. 

4 (a) RIGHT TO FINANCIAL PRIVACY ACT OF 1978.— 

5 The Right to Financial Privacy Act of 1978 (12 U.S.C. 

6 3401 et seq.) is amended— 

7 (1) by amending section 1102 (12 U.S.C. 3402) 

8 to read as follows: 

9 ‘‘SEC. 1102. CONFIDENTIALITY OF RECORDS—GOVERN10 MENT AUTHORITIES. 

11 ‘‘Except as provided by subsection (c) or (d) of sec12 tion 1103 or section 1113, no Government authority may 

13 have access to or obtain copies of, or the information conVerDate Sep 11 2014 03:27 Oct 11, 2024 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S5242.IS S5242

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1 tained in the financial records of any customer from a fi2 nancial institution unless the financial records are reason3 ably described and such financial records are disclosed in 

4 response to a search warrant which meets the require5 ments of section 1106.’’; 

6 (2) by striking sections 1104 (12 U.S.C. 3404), 

7 1105 (12 U.S.C. 3405), 1107 (12 U.S.C. 3407), and 

8 1108 (12 U.S.C. 3408); and 

9 (3) in section 1109(a) (12 U.S.C. 3409(a)), by 

10 striking ‘‘section 1104(c), 1105(2), 1106(c), 

11 1107(2), 1108(4),’’ and inserting ‘‘section 1106(c)’’. 

12 (b) TITLE 31.—Chapter 53 of title 31, United States 

13 Code, is amended— 

14 (1) by amending section 5311 to read as fol15 lows: 

16 ‘‘§ 5311. Declaration of purpose 

17 ‘‘It is the purpose of this subchapter to require finan18 cial institutions to retain transaction records that include 

19 information identified with or identifiable as being derived 

20 from the financial records of particular customers.’’; 

21 (2) in section 5312(a)— 

22 (A) in paragraph (3)— 

23 (i) in subparagraph (B), by adding 

24 ‘‘and’’ at the end; 

25 (ii) by striking subparagraph (C); 


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1 (iii) by redesignating subparagraph 

2 (D) as subparagraph (C); and 

3 (iv) in subparagraph (C), as so redes4 ignated, by striking ‘‘subparagraph (A), 

5 (B), or (C)’’ and inserting ‘‘subparagraph 

6 (A) or (B)’’; and 

7 (B) by amending paragraph (4) to read as 

8 follows: 

9 ‘‘(4) ‘nonfinancial trade or business’ means any 

10 entity engaged in trade or business other than a fi11 nancial institution.’’; 

12 (3) by striking sections 5313, 5314, 5315, 

13 5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 

14 5336; 

15 (4) in section 5318— 

16 (A) in subsection (a)— 

17 (i) in the matter preceding paragraph 

18 (1), by striking ‘‘(except under section 

19 5315 of this title and regulations pre20 scribed under section 5315)’’; 

21 (ii) by striking paragraph (2); and 

22 (iii) by redesignating paragraphs (3) 

23 through (7) as paragraphs (2) through (6), 

24 respectively; and 

25 (B) in subsection (k)— 


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1 (i) in paragraph (1)(C), by striking 

2 ‘‘has the same meaning as in section 

3 5318A(e)(1)(B)’’ and inserting ‘‘means an 

4 account established to receive deposits 

5 from, make payments on behalf of a for6 eign financial institution, or handle other 

7 financial transactions related to such insti8 tution’’; and 

9 (ii) in paragraph (3)(A)(i)— 

10 (I) in subclause (II), by adding 

11 ‘‘or’’ at the end; 

12 (II) in subclause (III), by strik13 ing ‘‘; or’’ and inserting a period; and 

14 (III) by striking subclause (IV); 

15 (5) in section 5321— 

16 (A) in subsection (a)— 

17 (i) in paragraph (1), by striking ‘‘(ex18 cept sections 5314, 5315, and 5336 of this 

19 title or a regulation prescribed under sec20 tions 5314, 5315, and 5336)’’; 

21 (ii) by striking paragraphs (2), (3), 

22 (4), and (5); 

23 (iii) in paragraph (6), by striking 

24 ‘‘(except section 5336)’’ each place that 

25 term appears; 


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1 (iv) in paragraph (7), by striking ‘‘or 

2 any special measures imposed under sec3 tion 5318A’’; and 

4 (v) by redesignating paragraphs (6) 

5 and (7) as paragraphs (2) and (3), respec6 tively; 

7 (B) by striking subsection (c); and 

8 (C) by redesignating subsections (d) 

9 through (g) as subsection (c) through (f), re10 spectively; 

11 (6) in section 5322— 

12 (A) by striking ‘‘(except section 5315, 

13 5324, or 5336 of this title or a regulation pre14 scribed under section 5315, 5324, or 5336)’’ 

15 each place that term appears; and 

16 (B) in subsection (d)— 

17 (i) by striking ‘‘, or any special meas18 ures imposed under section 5318A,’’; and 

19 (ii) by striking ‘‘or section 5318A’’; 

20 (7) in section 5325(a), in the matter preceding 

21 paragraph (1), by inserting after ‘‘$3,000’’ the fol22 lowing: ‘‘(as such amount is annually adjusted by 

23 the Secretary to reflect the percentage change in the 

24 Consumer Price Index for All Urban Consumers 


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1 published by the Bureau of Labor Statistics of the 

2 Department of Labor)’’; 

3 (8) in section 5330(d)(1)— 

4 (A) in subparagraph (A), by adding ‘‘and’’ 

5 at the end; 

6 (B) by striking subparagraph (B); and 

7 (C) by redesignating subparagraph (C) as 

8 subparagraph (B); 

9 (9) in section 5335— 

10 (A) by striking subsection (c); and 

11 (B) by redesignating subsections (d) and 

12 (e) as subsections (c) and (d), respectively; 

13 (10) by striking subchapter III; and 

14 (11) in the table of contents for chapter 53, by 

15 striking the items relating to— 

16 (A) sections 5313, 5314, 5315, 5316, 

17 5317, 5318A, 5324, 5326, 5331, 5332, and 

18 5336; and 

19 (B) subchapter III. 

20 TITLE II—AMENDMENTS TO THE 

21 RIGHT TO FINANCIAL PRI22 VACY ACT OF 1978 

23 SEC. 201. WARRANT REQUIREMENTS AND EXCEPTIONS. 

24 The Right to Financial Privacy Act of 1978 (12 

25 U.S.C. 3401 et seq.) is amended— 


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1 (1) in section 1108 (12 U.S.C. 3408)— 

2 (A) by striking paragraph (2); and 

3 (B) by redesignating paragraphs (3) and 

4 (4) as paragraphs (2) and (3), respectively; and 

5 (2) in section 1113 (12 U.S.C. 3413)— 

6 (A) by repealing subsections (a), (b), (d), 

7 (e), (f), (g), (i), (l), (m), (n), (p), (q), and (r); 

8 and 

9 (B) by adding at the end the following: 

10 ‘‘(s) ACCESS OF RECORDS.—Notwithstanding any 

11 other provision of this title, the Federal Government may 

12 not access the financial records or information of an indi13 vidual in a manner that is prohibited by the Fourth 

14 Amendment to the Constitution of the United States with 

15 respect to the records or information in question.’’. 

16 TITLE III—CONSOLIDATED 

17 AUDIT TRAIL 

18 SEC. 301. REQUIREMENTS AND PROHIBITIONS REGARDING 

19 THE CONSOLIDATED AUDIT TRAIL. 

20 (a) DEFINITIONS.—In this section: 

21 (1) COMMISSION.—The term ‘‘Commission’’ 

22 means the Securities and Exchange Commission. 

23 (2) CONSOLIDATED AUDIT TRAIL.—The term 

24 ‘‘Consolidated Audit Trail’’ means the consolidated 

25 audit trail and central repository created, impleVerDate Sep 11 2014 03:27 Oct 11, 2024 Jkt 059200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\S5242.IS S5242

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1 mented, and maintained pursuant to section 242.613 

2 of title 17, Code of Federal Regulations, as in effect 

3 on the day before the date of enactment of this Act. 

4 (3) PERSONALLY IDENTIFIABLE INFORMA5 TION.—The term ‘‘personally identifiable informa6 tion’’— 

7 (A) means information that can be used to 

8 distinguish or trace the identity of an indi9 vidual, either alone or when combined with 

10 other personal or identifying information that is 

11 linked or linkable to a specific individual, in12 cluding the name, address, date or year of 

13 birth, Social Security number, telephone num14 ber, email, or IP-address of an individual; and 

15 (B) does not include a CAT–Order–ID or 

16 CAT–Reporter–ID, as those terms are defined 

17 in section 242.613(j) of title 17, Code of Fed18 eral Regulations (or any successor regulation). 

19 (4) SELF-REGULATORY ORGANIZATION.—The 

20 term ‘‘self-regulatory organization’’ has the meaning 

21 given the term in section 3(a) of the Securities Ex22 change Act of 1934 (15 U.S.C. 78c(a)). 

23 (b) REQUIREMENT.—The Commission shall— 

24 (1) not later than 30 days after the date of en25 actment of this Act, and notwithstanding any other 


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1 provision of law or regulation, terminate the Consoli2 dated Audit Trail; and 

3 (2) not later that 120 days after the date of en4 actment of this Act, amend any regulation, no action 

5 letter, interpretive letter, exemptive letter, legal bul6 letin, or other guidance of the Commission to con7 form to the requirements of this section. 

8 (c) PROHIBITIONS.—On and after the date that the 

9 Commission carries out the termination required under 

10 subsection (b)(1)— 

11 (1) neither the Commission nor any self-regu12 latory organization may administer the Consolidated 

13 Audit Trail; and 

14 (2) no Federal agency may establish any con15 solidated audit trail, central repository, or other cen16 tralized database that collects personally identifiable 

17 information of citizens of the United States, unless 

18 a duly enacted law of the United States specifically 

19 provides the Federal agency with the authority to 

20 take that action. 

21 (d) REIMBURSEMENT OF FEES.—Not later than 1 

22 year after the date of enactment of this Act, Consolidated 

23 Audit Trail, LLC and FINRA CAT, LLC shall reimburse 

24 all fees collected by those entities before that date to carry 

25 out the Consolidated Audit Trail. 


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1 TITLE IV—NO CENTRAL BANK 

2 DIGITAL CURRENCY 

3 SEC. 401. CENTRAL BANK DIGITAL CURRENCY. 

4 Section 13 of the Federal Reserve Act is amended 

5 by adding after the 14th undesignated paragraph (12 

6 U.S.C. 347d) the following: 

7 ‘‘No Federal reserve bank, the Board, the Sec8 retary of the Treasury, any other agency, or any en9 tity directed to act on behalf of the Federal reserve 

10 bank, the Board, the Secretary, or other agency, 

11 may mint or issue a central bank digital currency di12 rectly to an individual (including a central bank dig13 ital currency issued to an individual through a custo14 dial intermediary) or a digital currency inter15 mediary, offer related products or services directly to 

16 an individual, or maintain an account on behalf of 

17 an individual (including an account in a specially 

18 designated account at a digital currency inter19 mediary or supervised commercial bank). No Federal 

20 reserve bank may hold digital currencies minted or 

21 issued by the United States Government as assets or 

22 liabilities on a balance sheet of the bank or use such 

23 digital currencies as part of fulfilling the require24 ments under section 2A.’’. 


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1 TITLE V—REGULATIONS FROM 

2 THE EXECUTIVE IN NEED OF 

3 SCRUTINY 

4 SEC. 501. PURPOSE. 

5 The purpose of this title is to increase accountability 

6 for and transparency in the Federal regulatory process. 

7 Section 1 of article I of the United States Constitution 

8 grants all legislative powers to Congress. Over time, Con9 gress has excessively delegated its constitutional charge 

10 while failing to conduct appropriate oversight and retain 

11 accountability for the content of the laws it passes. By 

12 requiring a vote in Congress, the REINS Act will result 

13 in more carefully drafted and detailed legislation, an im14 proved regulatory process, and a legislative branch that 

15 is truly accountable to the American people for the laws 

16 imposed upon them. 

17 SEC. 502. CONGRESSIONAL REVIEW OF CERTAIN AGENCY 

18 RULEMAKING. 

19 (a) IN GENERAL.—Chapter 8 of title 5, United 

20 States Code, is amended to read as follows: 

21 ‘‘CHAPTER 8—CONGRESSIONAL REVIEW 

22 OF CERTAIN AGENCY RULEMAKING 

‘‘Sec. 

‘‘801. Congressional review. 

‘‘802. Congressional approval procedure for major rules. 

‘‘803. Congressional disapproval procedure for nonmajor rules. 

‘‘804. Definitions. 

‘‘805. Judicial review. 

‘‘806. Exemption for monetary policy. 


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‘‘807. Effective date of certain rules. 

‘‘808. Review of rules currently in effect. 

1 ‘‘§ 801. Congressional review 

2 ‘‘(a)(1)(A) Before a rule may take effect, the Federal 

3 agency promulgating such rule shall publish in the Federal 

4 Register a list of information on which the rule is based, 

5 including data, scientific and economic studies, and cost6 benefit analyses, and identify how the public can access 

7 such information online, and shall submit to each House 

8 of the Congress and to the Comptroller General a report 

9 containing— 

10 ‘‘(i) a copy of the rule; 

11 ‘‘(ii) a concise general statement relating to the 

12 rule; 

13 ‘‘(iii) a finding, rendered in consultation with 

14 the Administrator of the Office of Information and 

15 Regulatory Affairs of the Office of Management and 

16 Budget, whether the rule is a major or nonmajor 

17 rule, including an explanation of the finding specifi18 cally addressing each criteria for a major rule con19 tained within subparagraphs (A) through (C) of sec20 tion 804(2); 

21 ‘‘(iv) a list of any other related regulatory ac22 tions intended to implement the same statutory pro23 vision or regulatory objective as well as the indiVerDate Sep 11 2014 03:27 Oct 11, 2024 Jkt 059200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\S5242.IS S5242

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1 vidual and aggregate economic effects of those ac2 tions; 

3 ‘‘(v) the proposed effective date of the rule; and 

4 ‘‘(vi) a statement of the constitutional authority 

5 authorizing the agency to make the rule. 

6 ‘‘(B) On the date of the submission of the report 

7 under subparagraph (A), the Federal agency promulgating 

8 the rule shall submit to the Comptroller General and make 

9 available to each House of Congress (and to each com10 mittee of jurisdiction in each House)— 

11 ‘‘(i) a complete copy of the cost-benefit analysis 

12 of the rule, if any, including an analysis of any jobs 

13 added or lost, differentiating between public and pri14 vate sector jobs; 

15 ‘‘(ii) the agency’s actions pursuant to sections 

16 603, 604, 605, 607, and 609 of this title; 

17 ‘‘(iii) the agency’s actions pursuant to sections 

18 202, 203, 204, and 205 of the Unfunded Mandates 

19 Reform Act of 1995; 

20 ‘‘(iv) an estimate of the effect on inflation of 

21 the rule; and 

22 ‘‘(v) any other relevant information or require23 ments under any other Act and any relevant Execu24 tive orders. 


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1 ‘‘(C) Upon receipt of a report submitted under sub2 paragraph (A), each House shall provide copies of the re3 port to the chairman and ranking member of each stand4 ing committee with jurisdiction under the rules of the 

5 House of Representatives or the Senate to report a bill 

6 to amend the provision of law under which the rule is 

7 issued. 

8 ‘‘(D) If requested in writing by a member of Con9 gress— 

10 ‘‘(i) the Comptroller General shall make a de11 termination whether an agency action qualifies as a 

12 rule for purposes of this chapter, and shall submit 

13 to Congress this determination not later than 60 

14 days after the date of the request; and 

15 ‘‘(ii) the Comptroller General, in consultation 

16 with the Director of the Congressional Budget Of17 fice, shall make a determination whether a rule is 

18 considered a major rule under the provisions of this 

19 act, and shall submit to Congress this determination 

20 not later than 90 days after the date of the request. 

21 For purposes of this section, a determination under this 

22 subparagraph shall be deemed to be a report under sub23 paragraph (A). 

24 ‘‘(2)(A) The Comptroller General shall provide a re25 port on each major rule to the committees of jurisdiction 


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1 by the end of 15 calendar days after the submission or 

2 publication date. The report of the Comptroller General 

3 shall include an assessment of the agency’s compliance 

4 with procedural steps required by paragraph (1)(B) and 

5 an assessment of whether the major rule imposes any new 

6 limits or mandates on private-sector activity. 

7 ‘‘(B) Federal agencies shall cooperate with the Comp8 troller General by providing information relevant to the 

9 Comptroller General’s report under subparagraph (A). 

10 ‘‘(3) A major rule relating to a report submitted 

11 under paragraph (1) shall take effect upon enactment of 

12 a joint resolution of approval described in section 802 or 

13 as provided for in the rule following enactment of a joint 

14 resolution of approval described in section 802, whichever 

15 is later. 

16 ‘‘(4) A nonmajor rule shall take effect as provided 

17 by section 803 after submission to Congress under para18 graph (1). 

19 ‘‘(5) If a joint resolution of approval relating to a 

20 major rule is not enacted within the period provided in 

21 subsection (b)(2), then a joint resolution of approval relat22 ing to the same rule may not be considered under this 

23 chapter in the same Congress by either the House of Rep24 resentatives or the Senate. 


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1 ‘‘(b)(1) A major rule shall not take effect unless the 

2 Congress enacts a joint resolution of approval described 

3 under section 802. 

4 ‘‘(2) If a joint resolution described in subsection (a) 

5 is not enacted into law by the end of 70 session days or 

6 legislative days, as applicable, beginning on the date on 

7 which the report referred to in subsection (a)(1)(A) is re8 ceived by Congress (excluding days either House of Con9 gress is adjourned for more than 3 days during a session 

10 of Congress), then the rule described in that resolution 

11 shall be deemed not to be approved and such rule shall 

12 not take effect. 

13 ‘‘(c)(1) Notwithstanding any other provision of this 

14 section (except subject to paragraph (3)), a major rule 

15 may take effect for one 90-calendar-day period if the 

16 President makes a determination under paragraph (2) and 

17 submits written notice of such determination to the Con18 gress. 

19 ‘‘(2) Paragraph (1) applies to a determination made 

20 by the President by Executive order that the major rule 

21 should take effect because such rule is— 

22 ‘‘(A) necessary because of an imminent threat 

23 to health or safety or other emergency; 

24 ‘‘(B) necessary for the enforcement of criminal 

25 laws; 


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1 ‘‘(C) necessary for national security; or 

2 ‘‘(D) issued pursuant to any statute imple3 menting an international trade agreement. 

4 ‘‘(3) An exercise by the President of the authority 

5 under this subsection shall have no effect on the proce6 dures under section 802. 

7 ‘‘(d)(1) In addition to the opportunity for review oth8 erwise provided under this chapter, in the case of any rule 

9 for which a report was submitted in accordance with sub10 section (a)(1)(A) during the period beginning on the date 

11 occurring— 

12 ‘‘(A) in the case of the Senate, 60 session days; 

13 or 

14 ‘‘(B) in the case of the House of Representa15 tives, 60 legislative days, 

16 before the date the Congress is scheduled to adjourn a 

17 session of Congress through the date on which the same 

18 or succeeding Congress first convenes its next session, sec19 tions 802 and 803 shall apply to such rule in the suc20 ceeding session of Congress. 

21 ‘‘(2)(A) In applying sections 802 and 803 for pur22 poses of such additional review, a rule described under 

23 paragraph (1) shall be treated as though— 

24 ‘‘(i) such rule were published in the Federal 

25 Register on— 


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1 ‘‘(I) in the case of the Senate, the 15th 

2 session day; or 

3 ‘‘(II) in the case of the House of Rep4 resentatives, the 15th legislative day, 

5 after the succeeding session of Congress first con6 venes; and 

7 ‘‘(ii) a report on such rule were submitted to 

8 Congress under subsection (a)(1) on such date. 

9 ‘‘(B) Nothing in this paragraph shall be construed 

10 to affect the requirement under subsection (a)(1) that a 

11 report shall be submitted to Congress before a rule can 

12 take effect. 

13 ‘‘(3) A rule described under paragraph (1) shall take 

14 effect as otherwise provided by law (including other sub15 sections of this section). 

16 ‘‘§ 802. Congressional approval procedure for major 

17 rules 

18 ‘‘(a)(1) For purposes of this section, the term ‘joint 

19 resolution’ means only a joint resolution addressing a re20 port classifying a rule as major pursuant to section 

21 801(a)(1)(A)(iii) that— 

22 ‘‘(A) bears no preamble; 

23 ‘‘(B) bears the following title (with blanks filled 

24 as appropriate): ‘Approving the rule submitted by 

25 lll relating to lll.’; 


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1 ‘‘(C) includes after its resolving clause only the 

2 following (with blanks filled as appropriate): ‘That 

3 Congress approves the rule submitted by lll re4 lating to lll.’; and 

5 ‘‘(D) is introduced pursuant to paragraph (2). 

6 ‘‘(2) After a House of Congress receives a report 

7 classifying a rule as major pursuant to section 

8 801(a)(1)(A)(iii), the majority leader of that House (or 

9 his or her respective designee) shall introduce (by request, 

10 if appropriate) a joint resolution described in paragraph 

11 (1)— 

12 ‘‘(A) in the case of the House of Representa13 tives, within 3 legislative days; and 

14 ‘‘(B) in the case of the Senate, within 3 session 

15 days. 

16 ‘‘(3) A joint resolution described in paragraph (1) 

17 shall not be subject to amendment at any stage of pro18 ceeding. 

19 ‘‘(b) A joint resolution described in subsection (a) 

20 shall be referred in each House of Congress to the commit21 tees having jurisdiction over the provision of law under 

22 which the rule is issued. 

23 ‘‘(c) In the Senate, if the committee or committees 

24 to which a joint resolution described in subsection (a) has 

25 been referred have not reported it at the end of 15 session 


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1 days after its introduction, such committee or committees 

2 shall be automatically discharged from further consider3 ation of the resolution and it shall be placed on the cal4 endar. A vote on final passage of the resolution shall be 

5 taken on or before the close of the 15th session day after 

6 the resolution is reported by the committee or committees 

7 to which it was referred, or after such committee or com8 mittees have been discharged from further consideration 

9 of the resolution. 

10 ‘‘(d)(1) In the Senate, when the committee or com11 mittees to which a joint resolution is referred have re12 ported, or when a committee or committees are discharged 

13 (under subsection (c)) from further consideration of a 

14 joint resolution described in subsection (a), it is at any 

15 time thereafter in order (even though a previous motion 

16 to the same effect has been disagreed to) for a motion 

17 to proceed to the consideration of the joint resolution, and 

18 all points of order against the joint resolution (and against 

19 consideration of the joint resolution) are waived. The mo20 tion is not subject to amendment, or to a motion to post21 pone, or to a motion to proceed to the consideration of 

22 other business. A motion to reconsider the vote by which 

23 the motion is agreed to or disagreed to shall not be in 

24 order. If a motion to proceed to the consideration of the 

25 joint resolution is agreed to, the joint resolution shall reVerDate Sep 11 2014 03:27 Oct 11, 2024 Jkt 059200 PO 00000 Frm 00021 Fmt 6652 Sfmt 6201 E:\BILLS\S5242.IS S5242

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1 main the unfinished business of the Senate until disposed 

2 of. 

3 ‘‘(2) In the Senate, debate on the joint resolution, 

4 and on all debatable motions and appeals in connection 

5 therewith, shall be limited to not more than 2 hours, which 

6 shall be divided equally between those favoring and those 

7 opposing the joint resolution. A motion to further limit 

8 debate is in order and not debatable. An amendment to, 

9 or a motion to postpone, or a motion to proceed to the 

10 consideration of other business, or a motion to recommit 

11 the joint resolution is not in order. 

12 ‘‘(3) In the Senate, immediately following the conclu13 sion of the debate on a joint resolution described in sub14 section (a), and a single quorum call at the conclusion of 

15 the debate if requested in accordance with the rules of the 

16 Senate, the vote on final passage of the joint resolution 

17 shall occur. 

18 ‘‘(4) Appeals from the decisions of the Chair relating 

19 to the application of the rules of the Senate to the proce20 dure relating to a joint resolution described in subsection 

21 (a) shall be decided without debate. 

22 ‘‘(e) In the House of Representatives, if any com23 mittee to which a joint resolution described in subsection 

24 (a) has been referred has not reported it to the House 

25 at the end of 15 legislative days after its introduction, 


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1 such committee shall be discharged from further consider2 ation of the joint resolution, and it shall be placed on the 

3 appropriate calendar. On the second and fourth Thursdays 

4 of each month it shall be in order at any time for the 

5 Speaker to recognize a Member who favors passage of a 

6 joint resolution that has appeared on the calendar for at 

7 least 5 legislative days to call up that joint resolution for 

8 immediate consideration in the House without intervention 

9 of any point of order. When so called up a joint resolution 

10 shall be considered as read and shall be debatable for 1 

11 hour equally divided and controlled by the proponent and 

12 an opponent, and the previous question shall be considered 

13 as ordered to its passage without intervening motion. It 

14 shall not be in order to reconsider the vote on passage. 

15 If a vote on final passage of the joint resolution has not 

16 been taken by the third Thursday on which the Speaker 

17 may recognize a Member under this subsection, such vote 

18 shall be taken on that day. 

19 ‘‘(f)(1) If, before passing a joint resolution described 

20 in subsection (a), one House receives from the other a 

21 joint resolution having the same text, then— 

22 ‘‘(A) the joint resolution of the other House 

23 shall not be referred to a committee; and 

24 ‘‘(B) the procedure in the receiving House shall 

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1 ceived from the other House until the vote on pas2 sage, when the joint resolution received from the 

3 other House shall supplant the joint resolution of 

4 the receiving House. 

5 ‘‘(2) This subsection shall not apply to the House of 

6 Representatives if the joint resolution received from the 

7 Senate is a revenue measure. 

8 ‘‘(g) If either House has not taken a vote on final 

9 passage of the joint resolution by the last day of the period 

10 described in section 801(b)(2), then such vote shall be 

11 taken on that day. 

12 ‘‘(h) This section and section 803 are enacted by 

13 Congress— 

14 ‘‘(1) as an exercise of the rulemaking power of 

15 the Senate and House of Representatives, respec16 tively, and as such are deemed to be part of the 

17 rules of each House, respectively, but applicable only 

18 with respect to the procedure to be followed in that 

19 House in the case of a joint resolution described in 

20 subsection (a) and superseding other rules only 

21 where explicitly so; and 

22 ‘‘(2) with full recognition of the constitutional 

23 right of either House to change the rules (so far as 

24 they relate to the procedure of that House) at any 


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1 time, in the same manner and to the same extent as 

2 in the case of any other rule of that House. 

3 ‘‘§ 803. Congressional disapproval procedure for 

4 nonmajor rules 

5 ‘‘(a) For purposes of this section, the term ‘joint res6 olution’ means only a joint resolution introduced in the 

7 period beginning on the date on which the report referred 

8 to in section 801(a)(1)(A) is received by Congress and 

9 ending 60 days thereafter (excluding days either House 

10 of Congress is adjourned for more than 3 days during a 

11 session of Congress), the matter after the resolving clause 

12 of which is as follows: ‘That Congress disapproves the 

13 nonmajor rule submitted by the lll relating to 

14 lll, and such rule shall have no force or effect.’ (The 

15 blank spaces being appropriately filled in). 

16 ‘‘(b) A joint resolution described in subsection (a) 

17 shall be referred to the committees in each House of Con18 gress with jurisdiction. 

19 ‘‘(c) In the Senate, if the committee to which is re20 ferred a joint resolution described in subsection (a) has 

21 not reported such joint resolution (or an identical joint 

22 resolution) at the end of 15 session days after the date 

23 of introduction of the joint resolution, such committee may 

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1 bers of the Senate, and such joint resolution shall be 

2 placed on the calendar. 

3 ‘‘(d)(1) In the Senate, when the committee to which 

4 a joint resolution is referred has reported, or when a com5 mittee is discharged (under subsection (c)) from further 

6 consideration of a joint resolution described in subsection 

7 (a), it is at any time thereafter in order (even though a 

8 previous motion to the same effect has been disagreed to) 

9 for a motion to proceed to the consideration of the joint 

10 resolution, and all points of order against the joint resolu11 tion (and against consideration of the joint resolution) are 

12 waived. The motion is not subject to amendment, or to 

13 a motion to postpone, or to a motion to proceed to the 

14 consideration of other business. A motion to reconsider the 

15 vote by which the motion is agreed to or disagreed to shall 

16 not be in order. If a motion to proceed to the consideration 

17 of the joint resolution is agreed to, the joint resolution 

18 shall remain the unfinished business of the Senate until 

19 disposed of. 

20 ‘‘(2) In the Senate, debate on the joint resolution, 

21 and on all debatable motions and appeals in connection 

22 therewith, shall be limited to not more than 10 hours, 

23 which shall be divided equally between those favoring and 

24 those opposing the joint resolution. A motion to further 

25 limit debate is in order and not debatable. An amendment 


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1 to, or a motion to postpone, or a motion to proceed to 

2 the consideration of other business, or a motion to recom3 mit the joint resolution is not in order. 

4 ‘‘(3) In the Senate, immediately following the conclu5 sion of the debate on a joint resolution described in sub6 section (a), and a single quorum call at the conclusion of 

7 the debate if requested in accordance with the rules of the 

8 Senate, the vote on final passage of the joint resolution 

9 shall occur. 

10 ‘‘(4) Appeals from the decisions of the Chair relating 

11 to the application of the rules of the Senate to the proce12 dure relating to a joint resolution described in subsection 

13 (a) shall be decided without debate. 

14 ‘‘(e) In the Senate, the procedure specified in sub15 section (c) or (d) shall not apply to the consideration of 

16 a joint resolution respecting a nonmajor rule— 

17 ‘‘(1) after the expiration of the 60 session days 

18 beginning with the applicable submission or publica19 tion date; or 

20 ‘‘(2) if the report under section 801(a)(1)(A) 

21 was submitted during the period referred to in sec22 tion 801(d)(1), after the expiration of the 60 session 

23 days beginning on the 15th session day after the 

24 succeeding session of Congress first convenes. 


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1 ‘‘(f) If, before the passage by one House of a joint 

2 resolution of that House described in subsection (a), that 

3 House receives from the other House a joint resolution 

4 described in subsection (a), then the following procedures 

5 shall apply: 

6 ‘‘(1) The joint resolution of the other House 

7 shall not be referred to a committee. 

8 ‘‘(2) With respect to a joint resolution described 

9 in subsection (a) of the House receiving the joint 

10 resolution— 

11 ‘‘(A) the procedure in that House shall be 

12 the same as if no joint resolution had been re13 ceived from the other House; but 

14 ‘‘(B) the vote on final passage shall be on 

15 the joint resolution of the other House. 

16 ‘‘§ 804. Definitions 

17 ‘‘For purposes of this chapter: 

18 ‘‘(1) The term ‘Federal agency’ means— 

19 ‘‘(A) the Board of Governors of the Fed20 eral Reserve System; 

21 ‘‘(B) the Securities and Exchange Commis22 sion; 

23 ‘‘(C) the Commodity Futures Trading 

24 Commission; 


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1 ‘‘(D) the Federal Deposit Insurance Cor2 poration; 

3 ‘‘(E) the Bureau of Consumer Financial 

4 Protection; 

5 ‘‘(F) the Department of the Treasury, in6 cluding the Office of the Comptroller of the 

7 Currency and the Financial Crimes Enforce8 ment Network; or 

9 ‘‘(G) the National Credit Union Adminis10 tration. 

11 ‘‘(2) The term ‘major rule’ means any rule, in12 cluding an interim final rule, that the Administrator 

13 of the Office of Information and Regulatory Affairs 

14 of the Office of Management and Budget or the 

15 Federal agency promulgating such rule finds has re16 sulted in or is likely to result in— 

17 ‘‘(A) an annual effect on the economy of 

18 $100 million or more; 

19 ‘‘(B) a major increase in costs or prices for 

20 consumers, individual industries, Federal, 

21 State, or local government agencies, or geo22 graphic regions; 

23 ‘‘(C) significant adverse effects on competi24 tion, employment, investment, productivity, in25 novation, or the ability of United States-based 


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1 enterprises to compete with foreign-based enter2 prises in domestic and export markets; or 

3 ‘‘(D) in an increase in mandatory vaccina4 tions. 

5 ‘‘(3) The term ‘nonmajor rule’ means any rule 

6 that is not a major rule. 

7 ‘‘(4) The term ‘rule’ has the meaning given the 

8 term in section 551, except that the term— 

9 ‘‘(A) includes interpretative rules, general 

10 statements of policy, and all other agency guid11 ance documents; and 

12 ‘‘(B) does not include— 

13 ‘‘(i) any rule of particular applica14 bility, including a rule that approves or 

15 prescribes for the future rates, wages, 

16 prices, services, or allowances therefore, 

17 corporate or financial structures, reorga18 nizations, mergers, or acquisitions thereof, 

19 or accounting practices or disclosures bear20 ing on any of the foregoing; 

21 ‘‘(ii) any rule relating to agency man22 agement or personnel; or 

23 ‘‘(iii) any rule of agency organization, 

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1 stantially affect the rights or obligations of 

2 non-agency parties. 

3 ‘‘(5) The term ‘submission or publication date’, 

4 except as otherwise provided in this chapter, 

5 means— 

6 ‘‘(A) in the case of a major rule, the date 

7 on which the Congress receives the report sub8 mitted under section 801(a)(1); and 

9 ‘‘(B) in the case of a nonmajor rule, the 

10 later of— 

11 ‘‘(i) the date on which the Congress 

12 receives the report submitted under section 

13 801(a)(1); and 

14 ‘‘(ii) the date on which the nonmajor 

15 rule is published in the Federal Register, if 

16 so published. 

17 ‘‘§ 805. Judicial review 

18 ‘‘(a) IN GENERAL.—No determination, finding, ac19 tion, or omission under this chapter shall be subject to 

20 judicial review. 

21 ‘‘(b) EXCEPTION.—Notwithstanding subsection (a), a 

22 court may determine whether a Federal agency has com23 pleted the necessary requirements under this chapter for 

24 a rule to take effect. 


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1 ‘‘(c) RULE OF CONSTRUCTION.—The enactment of a 

2 joint resolution of approval under section 802 shall not 

3 be interpreted to serve as a grant or modification of statu4 tory authority by Congress for the promulgation of a rule, 

5 shall not extinguish or affect any claim, whether sub6 stantive or procedural, against any alleged defect in a rule, 

7 and shall not form part of the record before the court in 

8 any judicial proceeding concerning a rule except for pur9 poses of determining whether or not the rule is in effect. 

10 ‘‘§ 806. Exemption for monetary policy 

11 ‘‘Nothing in this chapter shall apply to rules that con12 cern monetary policy proposed or implemented by the 

13 Board of Governors of the Federal Reserve System or the 

14 Federal Open Market Committee. 

15 ‘‘§ 807. Effective date of certain rules 

16 ‘‘Notwithstanding section 801— 

17 ‘‘(1) any rule that establishes, modifies, opens, 

18 closes, or conducts a regulatory program for a com19 mercial, recreational, or subsistence activity related 

20 to hunting, fishing, or camping; or 

21 ‘‘(2) any rule other than a major rule which an 

22 agency for good cause finds (and incorporates the 

23 finding and a brief statement of reasons therefore in 

24 the rule issued) that notice and public procedure 


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1 thereon are impracticable, unnecessary, or contrary 

2 to the public interest, 

3 shall take effect at such time as the Federal agency pro4 mulgating the rule determines. 

5 ‘‘§ 808. Review of rules currently in effect 

6 ‘‘(a) ANNUAL REVIEW.—Beginning on the date that 

7 is 180 days after the date of enactment of this section, 

8 and annually thereafter for the 4 years following, each 

9 agency shall designate not less than 20 percent of eligible 

10 rules made by that agency for review and shall submit a 

11 report including each such eligible rule in the same man12 ner as a report under section 801(a)(1). Sections 801, 

13 802, and 803 shall apply to each such rule, subject to sub14 section (c) of this section. No eligible rule previously des15 ignated may be designated again. 

16 ‘‘(b) SUNSET FOR ELIGIBLE RULES NOT EX17 TENDED.—Beginning after the date that is 5 years after 

18 the date of enactment of this section, if Congress has not 

19 enacted a joint resolution of approval for that eligible rule, 

20 that eligible rule shall not continue in effect. 

21 ‘‘(c) APPROVAL OF RULES.— 

22 ‘‘(1) IN GENERAL.—Unless Congress approves 

23 all eligible rules designated by executive agencies for 

24 review within 90 days of designation, they shall have 

25 no effect. 


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1 ‘‘(2) FORMATTING.—A single joint resolution of 

2 approval shall apply to all eligible rules in a report 

3 designated for a year as follows: ‘That Congress ap4 proves the rules submitted by thelll for the 

5 year lll.’ (The blank spaces being appropriately 

6 filled in). 

7 ‘‘(3) PROCEDURE.—A member of either House 

8 may move that a separate joint resolution be re9 quired for a specified rule. 

10 ‘‘(d) DEFINITION.—In this section, the term ‘eligible 

11 rule’ means a rule that is in effect as of the date of enact12 ment of this section.’’. 

13 (b) TECHNICAL AND CONFORMING AMENDMENT.— 

14 The chapter heading for chapter 8 of title 5, United States 

15 Code, is amended by inserting ‘‘CERTAIN’’ after 

16 ‘‘OF’’. 

17 SEC. 503. BUDGETARY EFFECTS OF RULES SUBJECT TO 

18 SECTION 802 OF TITLE 5, UNITED STATES 

19 CODE. 

20 Section 257(b)(2) of the Balanced Budget and Emer21 gency Deficit Control Act of 1985 (2 U.S.C. 907(b)(2)) 

22 is amended by adding at the end the following new sub23 paragraph: 

24 ‘‘(E) BUDGETARY EFFECTS OF RULES

25 SUBJECT TO SECTION 802 OF TITLE 5, UNITED


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1 STATES CODE.—Any rule subject to the con2 gressional approval procedure set forth in sec3 tion 802 of chapter 8 of title 5, United States 

4 Code, affecting budget authority, outlays, or re5 ceipts shall be assumed to be effective unless it 

6 is not approved in accordance with such sec7 tion.’’. 

8 SEC. 504. GOVERNMENT ACCOUNTABILITY OFFICE STUDY 

9 OF RULES. 

10 (a) IN GENERAL.—The Comptroller General of the 

11 United States shall conduct a study to determine, as of 

12 the date of the enactment of this Act— 

13 (1) how many rules (as that term is defined in 

14 section 804 of title 5, United States Code, as added 

15 by this title) were in effect; 

16 (2) how many major rules (as that term is de17 fined in section 804 of title 5, United States Code, 

18 as added by this title) were in effect; and 

19 (3) the total estimated economic cost imposed 

20 by all such rules. 

21 (b) REPORT.—Not later than 1 year after the date 

22 of enactment of this Act, the Comptroller General of the 

23 United States shall submit to Congress, and publish on 

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1 port that contains the findings of the study conducted 

2 under subsection (a). 

3 TITLE VI—SUSPICIOUS ACTIVITY 

4 SEC. 601. CRIMINAL PENALTIES. 

5 The Right to Financial Privacy Act of 1978 (12 

6 U.S.C. 3401 et seq.) is amended by inserting after section 

7 1116 (12 U.S.C. 3416) the following: 

8 ‘‘CRIMINAL PENALTIES

9 ‘‘SEC. 1116A. (a) Except as provided in subsection 

10 (b), any agency or department of the United States or fi11 nancial institution knowingly obtaining or knowingly dis12 closing financial records or information contained therein 

13 in violation of this title shall be fined in any amount not 

14 exceeding $5,000, or imprisoned not more than 5 years, 

15 or both, together with the costs of prosecution, and if such 

16 offense is committed by any officer or employee of the 

17 United States, the officer or employee shall, in addition 

18 to any other punishment, be dismissed from office or dis19 charged from employment upon conviction for such of20 fense. 

21 ‘‘(b) Any financial institution or agent or employee 

22 thereof making a disclosure of financial records pursuant 

23 to this title in good-faith reliance upon a certificate by any 

24 Government authority or pursuant to the provisions of sec25 tion 1113(l) shall not be subject to prosecution under sub26 section (a).’’. 


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1 SEC. 602. CIVIL PENALTIES. 

2 Section 1117(a) of the Right to Financial Privacy Act 

3 of 1978 (12 U.S.C. 3417(a)) is amended by striking para4 graphs (1) through (4) and inserting the following: 

5 ‘‘(1) not less than $1,000 per violation per day; 

6 ‘‘(2) reasonable attorney’s fees and litigation 

7 costs; and 

8 ‘‘(3) compensatory damages.’’. 

9 SEC. 603. OTHER RELIEF. 

10 The Right to Financial Privacy Act of 1978 (12 

11 U.S.C. 3401 et seq.) is amended by inserting after section 

12 1118 (12 U.S.C. 3418) the following: 

13 ‘‘OTHER RELIEF

14 ‘‘SEC. 1118A. In addition to any other remedy con15 tained in this title, a writ of mandamus and all other ap16 propriate relief, including any equitable or declaratory re17 lief, shall be available to require that the procedures of 

18 this title are complied with.’’. 

Æ 


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